Tax Evasion Over Rs 5 Crore Will Be Non-Bailable Offense Under New GST Regime
Tax evasion of over five crore rupees under the Goods and Services Tax (GST) regime would be a non-bailable offense with the police having the authority to make an arrest without a warrant. The Central GST (CGST) Act provides that if the offense relating to taxable goods and/or services where the amount of tax evaded or the amount of input tax credit wrongly availed or the amount of refund wrongly taken exceeds 5 crore rupees, shall be cognizable and non-bailable. In a 223-page frequently asked questions (FAQ) on GST, the Central Board of Excise & Customs (CBEC) said other offences under the act are non-cognizable and bailable. The government has set a target date of 1st of July to roll out the GST, which will subsume central excise, service tax, VAT and other local levies.
Centre Sanctions Rs. 98 Crore For Development Of Tourism Sector In Assam
The Centre has sanctioned 98 crore rupees for the development of the tourism sector in Assam. Participating in the Namami Brahmaputra festival in Guwahati this evening, Tourism minister Mahesh Sarma said that Chief Minister Sarbanand Sonowal did excellent work by organizing the event. The minister has announced another two crore rupees from the Centre for the festival. He said that rivers are the resources of the economic progress. He said that Guwahati is the gateway of the North East. The minister also announced to take step for the development of 12 religious places of Assam including the Kamakhya. Chief Minister Sarbanand Sonowal vowed to work hard for the betterment of Assam. Earlier, spiritual leader Dalai Lama also visited the Namami Brahmaputra festival and paid tribute to the Brahmaputra. However, due to rain and strong wind the organizers were forced to cancel the cultural programs tonight.
Longest Tunnel Bridge Dedicated To Nation
The Prime Minister dedicated to the nation the Chenani-Nashri Tunnel. The all-weather route reduces the distance between Jammu and Kashmir by 31 kilometers.The Prime Minister said the tunnel is symbolic of ushering in of a new era of development in the state. The bridge cost nearly Rs 3720 Crores to make. This is the longest Tunnel Bridge in the World.
US Says It Is Ready To Go Alone In North Korea In The Absence Of China Support
US President Donald Trump has said that the United States is prepared to act alone if China does not take a tougher stand against North Korea's nuclear program. In an interview to the Financial Times, the US President said he will discuss the growing threat from Kim Jong Un's nuclear program with Chinese President Xi Jinping in Florida this week. The two are expected to discuss a number of issues, including North Korea, trade and territorial disputes in the South China Sea during their meeting on Thursday and Friday.
India’s Exports May Cross $ 300 Billion In FY 17
India’s merchandise export is expected to cross $300 million during the current fiscal year, according to a top official of the Federation of India Export Organisations (FIEO). This is a growth of 3-4% over the previous fiscal year.
Exim Bank To Raise $3 Billion From Global Markets
The Indian Government owned export credit agency Export- Import Bank of India (EXIM Bank) is looking to raise about 3 billion dollars from the international capital markets in 2017-18. Of this, the EXIM bank plans to raise 1 billion dollars by introducing a Ten-Year-Bond issue in the 144 A Regulation dollar format, under the US Securities Act to raise funds from Qualified Institutional Buyers which are large institutional investors including wealth and asset management firms.
Huge Pay Rise For RBI Governor And Deputy Governors
The salary base of RBI Governor Urjit Patel and his deputies have been more than doubled as per the latest Govt decision taken on April 2, 2017. While the basic salary of the RBI Governor will go up from Rs 90000 per month to Rs 2.50 lacs per month, the salary of the Deputy Governors will go up from Rs 80000 per month to Rs 2.25 lacs per month. It is worthwhile to note that even after this hefty increase, the salaries of the RBI Governor and Deputy Governors do not compare well with that of the Chief Executives of major Commercial Banks, especially the Private Sector Banks.
Sindhu Wins Indian Open Badminton Tournament
Rio Olympics silver medallist P. V. Sindhu today produced a superlative performance to beat reigning Olympic champion Carolina Marin of Spain 21-19, 21-16 to lift her maiden India Open Super Series title. In front of a cheering home crowd at the Sirifort Sports Complex, the third seeded Indian dominated the match from the start. Sindhu had last defeated Marin in the BWF Super Series in Dubai last year.
Roger Fedrer Wins Miami Open Beating Rafael Nadal
Roger Federer continued his recent mastery of Rafael Nadal when he beat his greatest rival 6-3 6-4 in the final of the Miami Open. Federer, peerless this year after returning from a six-month injury absence, broke once in each set on the Crandon Park hardcourt for his fourth consecutive victory over the Spaniard. Nadal still leads their career head-to-head record at 23-14, due entirely to his superiority on clay. But Federer now leads 10-9 on hardcourt. Federer improved to 19-1 this year, winning the Australian Open in five sets over Nadal, and Paribas Open in straight sets over Stan Wawrinka. His only loss was at the hands of Russian Evgeny Donskoy in the second round in Dubai.